Long-awaited wage rises will overtake rent increases this year, relieving the pressure on living standards for the first time since 2009.

Householders will enjoy more disposable income than they have in five years, according to a study by LSL Property Services, as rent rises of 1.7pc in 2014 will be dwarfed by average earnings growth of 2.2pc.

In 2012 rents outpaced wages twice, forcing couples to share with other tennants, while landlords crammed extra bedrooms into their houses, and more pressure was piled on family budgets.

“This year the squeeze on living standards is finally abating. Households have withstood half a decade of bombardment from weak earnings, inflation and a general spectre of gloom. We’re still someway from the finish line but for now things can only get better,” said David Newnes, director of estate agents Your Move and Reed Rains, owned by LSL Property.

The increase in earnings now means that the number of householders owing more than two months rent is 35pc lower than this time last year. Budgets will ease as monthly rents are forecast to peak at 38.3pc of average gross earnings in July.

“Rents have been pushed to the limits,” said Lucian Cook, head of residential research for real estate advisor Savills. “This has in part been driven by undersupply of the private rental stock but it has reached unaffordable levels and we need a degree of rebalancing.”

Despite high rental costs, surges in house price growth over the past 13 years has made Britain a nation of tennants.

Since 2001 the number of under-35s owning their own home has fallen by 41pc, while renters in that age bracket have jumped by 104pc. Homeowners between 35 and 44 have fallen by 17pc whereas those renting in that category has increased by 124pc.

Slowing rental prices will keep people in rented accommodation longer as they save for a despoit, said Mr Cook. “Younger generations will continue to skip the first time buyer flat phase, moving straight from rented property into a family home at a later stage."

Adam Challis, director at property agent Jones Lang La Salle, added: "Wages moving ahead of rents is nothing but good news for the average renter as well as the employer, who, especially in london, was fearful that employees could not afford to live and work in the Capital."

"But in the medium term, wage growth will arrest the lower rate of inflation meaning the Bank of England must focus on what that inflation figure will look like and the base rate as costs and prices move," he said.